The apartment complexes constructed for middle-income groups under the Rajiv Swagruha scheme in the joint State, which were facing difficulties for lack of takers owing to cost escalation, will have their redemption soon.
The Telangana government has decided to sell the flats through online open bidding between August 7 and 17. The e-auction will be opened in the first phase for the flats constructed in Bandlaguda and Pocharam.
Minister for Housing A. Indrakaran Reddy made an announcement to this end on Friday during his visit to the complex in Bandlaguda. He also inspected the online format developed by MSTC, a Government of India enterprise, to conduct the auction on behalf of the Rajiv Swagruha Corporation.
A total of 3,718 flats in both the locations will be up for grabs in the first phase, with loan back up facility from State Bank of India and State Bank of Hyderabad. This is the first-ever online sale of flats through open bidding in the country on such a large scale, Mr. Reddy said.
The flats have been lying unsold due to the neglect of the previous governments, he alleged, and assured that all facilities will be provided within six months.
Already, a notification has been issued by the Rajiv Swagruha Corporation for sale of the flats. In the first phase, 2,244 flats in Bandlaguda and 1,474 flats in Pocharam will be sold. At Bandlaguda, a total of 316 flats are ready for occupation, while small works are pending in the rest, officials explained to the Minister. The pending works will have to be carried out by those who buy the apartments in the online auction.
In Pocharam, 969 flats are ready for occupation, and the rest have pending works. Each flat will be priced separately, with Rs. 2,200 per square foot (sq.ft.) decided as the minimum price for unfinished apartments of Bandlaguda, and Rs. 2,800 per sq.ft. for those ready for occupation.
In Pocharam, the minimum price is fixed at Rs. 1,700 per sq.ft. and the maximum at Rs. 1,900. The sale is expected to earn Rs. 900 crore for the Housing Corporation.
